Pump.fun, a Solana-based meme coin platform, achieved a rapid ICO, raising $500 million in 12 minutes by selling 125 billion PUMP tokens. The sale, which excluded U.S. participants and required KYC compliance, aims to surpass meme culture by developing a decentralized alternative to major social media platforms. Whales displayed mixed sentiments, with some making significant investments while others shorted the token.